How to choose an executor for a will?

[+ FrankR]

Is it possible to name your beneficiaries in a will and authorize them to choose an executor?

You do not have to name an executor - in that case the probate court will appoint somebody, usually by looking at the beneficiaries and asking if one of them is willing to administer the estate, but every state is different... So yes, your beneficiaries can get together, nominate somebody and propose that person to the probate court.

 

That being said, selecting an executor by committee can go wrong in so many ways....

[+ tassojunior]

"Gay", "Bi", "Straight", be smart and have a prenuptial agreement.

 

But don't be naive and think pre-nupts are easily enforced. I researched through this recently and was amazed how expensive they are and how unpredictable enforcement is.

[rvwnsd]

As I mentioned previously, my designations are going to be in flux for a while. While I have introduced my intended to most of my friends, he's only introduced me to his one local gay friend (has told another gay friend who lives in Europe and will apparently be staying with us next month), so I have had to take his declarations of love and intent to marry with a grain of salt. Tonight, we went out with this friend, and he did tell him of (1) his intention to marry me, and (2) his intent to come out to his family shortly (although he expressed a lot of anxiety over that). I'm slowly getting more comfortable with the idea that our life together will be permanent, although will be incredibly relieved when he comes out to his family (and introduces me to his straight friends from his country here). I don't want to do a trust or joint tenancy until I know for sure that what we have is permanent.

 

I have no advice to offer in regards to how you should find an executor. However, I'd suggest that you open at least one bank account with either a joint account holder or a payable-on-death beneficiary. Doing so ensures that in the event you die someone will have access to funds that can pay for expenses.

 

Someone else mentioned setting up a revocable, sometimes referred to as a "family," trust. The beauty of the revocable trust is they are not all that expensive or difficult to establish and can be modified or completely dissolved (or "revoked") relatively quickly and easily. That could be a way to work through estate planning issues while your life is in flux.

 

One more thing...Setting up pay-on-death beneficiaries is a very quick and easy way to designate who gets what from a bank account and many investment accounts. The bennies can be changed at will. Doing so establishes an informal trust. It is also a method to maximize FDIC deposit insurance coverage.

 

OK, this is really the last thing. I'd consult your attorney about your current life situation and about the life situation you will find yourself in once you get married. I know you know this but I'll say it anyway - there's a lot at stake and a lot of unknowns.

 

PS: I hope you and your other half do get married. It sounds like you both want to do so.

[Guest]

Thanks, RVWNSD!

[FurryDude]

Why bother with a will, probate and executors or personal representatives? Avoid probate: put your assets in joint tenancies with right of survivorship or payable on death; in some states, "TOD"s (Transfer on death) are in force. Personal property, reserving a life interest for yourself, can be deeded to the person of your choice.

 

Transfer on Death may be fine for bank accounts, but if you put real property in joint tenancy, you are giving away that interest in property now. You may be creating a taxable event for yourself, violating the terms of your mortgage or loan agreements, and triggering a tax reassessment of that interest in the property. That could be a big deal, depending on where you live. You can't "deed" personal property, because deeds are only for interests in real property.

[robberbaron4u]

To address the joint tenancy in realty issue, we are speaking of a future event, that is one's eventual demise, not the "here and now". The joint tenancy with right of survivorship deed is drafted, executed and locked away in your safety deposit box against your demise; it does not have to recorded until you are on the "other side", and of course, in drafting the deed, the real property is subject to outstanding mortgages, liens, etc ad finitum exisiting at the time of your demise; indeed, the joint tenant can be "in secreto" and, An interest in personal property can, of course, be sold or gifted to another party reserving the use of the property for and during your lifetime.

[sincitymix]

Hmm.. i am listed on the title for the house along with my parents, so when they die the house reverts to me in its entirety and my sister has no say in that... though i promised the parents she can live with me if she finds herself homeless or in need.

I am also the executor of their will, and also listed as the main beneficiary .. pretty much all their money and accounts is mine, but set up so that the funds will go to the upkeep of the house and its expenses.. my sister was told as much.. she said she doesnt care.

i guess communication is key.

 

for myself.. i have no idea what i am going to do...

[Guest]

Hmm.. i am listed on the title for the house along with my parents, so when they die the house reverts to me in its entirety and my sister has no say in that... though i promised the parents she can live with me if she finds herself homeless or in need.

I am also the executor of their will, and also listed as the main beneficiary .. pretty much all their money and accounts is mine

Wow. I wonder what your sister did (or didn't do) to deserve that! Yikes! My brother, sister, and I are all treated as equals, other than that since I don't have any heirs, I don't get any of the family jewels, silverware, etc. (I do get other stuff). But I'm supposing that if I'm married, my husband won't have to pay inheritance taxes in any case....

[OneFinger]

Hmm.. i am listed on the title for the house along with my parents, so when they die the house reverts to me in its entirety...

Not so sure that's good news for you. I "think" since you're listed on the title, you will be responsible for the capital gains on the property from when they bought it and when they died.

 

That's EXACTLY what our family did NOT do. Their house came to my sister and I upon their death and inherited it at fair market value with no capital gains. Look into getting yourself off the title and inheriting it upon their death. Your state may require that you be off the title for 2-5 years before their death or it could be considered fraud.

 

I suggest you seek good legal council from your state to find out you liabilities and obligations.

[+ azdr0710]

Hmm.. i am listed on the title for the house along with my parents, so when they die the house reverts to me in its entirety and my sister has no say in that... though i promised the parents she can live with me if she finds herself homeless or in need.

I am also the executor of their will, and also listed as the main beneficiary .. pretty much all their money and accounts is mine, but set up so that the funds will go to the upkeep of the house and its expenses.. my sister was told as much.. she said she doesnt care.

i guess communication is key.

 

for myself.. i have no idea what i am going to do...

Not so sure that's good news for you. I "think" since you're listed on the title, you will be responsible for the capital gains on the property from when they bought it and when they died.

 

That's EXACTLY what our family did NOT do. Their house came to my sister and I upon their death and inherited it at fair market value with no capital gains. Look into getting yourself off the title and inheriting it upon their death. Your state may require that you be off the title for 2-5 years before their death or it could be considered fraud.

 

I suggest you seek good legal council from your state to find out you liabilities and obligations.

 

 

I think Onefinger is correct.....sincity: if not too late, have your name quitclaimed off the deed and do a transfer-on-death for the real estate....and record it!......Nevada allows it....as Onefinger suggests, capital gains will start over once you get full title to it

 

http://www.stubberudlaw.com/transfer-on-death-deed-avoiding-probate-in-nevada/

[robberbaron4u]

Hmm.. i am listed on the title for the house along with my parents, so when they die the house reverts to me in its entirety and my sister has no say in that... though i promised the parents she can live with me if she finds herself homeless or in need.

I am also the executor of their will, and also listed as the main beneficiary .. pretty much all their money and accounts is mine, but set up so that the funds will go to the upkeep of the house and its expenses.. my sister was told as much.. she said she doesnt care.

i guess communication is key.

 

for myself.. i have no idea what i am going to do...

[robberbaron4u]

Ah, me! This commentaries brings back a memory of my distant youth at which time I attained my first employment as a trust officer in a prominent banking firm at NYC. On my first day at work I was handed the probate file on an old Russian emigre, the "Caviar King", who had recouped his fortunes after the Revolution in marrying, in succession, two American heiresses. The gentlemen's second wife, the widow of the president of one of NYC's largest banks who, herself, had done well in the marriage market, her first husband, who she haddivorced, having been the heir to one of America's Great Fortunes, had predeceased him, and, his will, drafted by a prestigious "white shoe" firm, called for the distribution of his estate, some $3,000,000. to his sister and her son, his nephew, residents of France. The probate of the estate had proceeded nicely when "Sweetie Pie" showed up at the court house door. Yes, the aged Caviar King had taken up a relationship with a woman who claimed that he had married her, and, thereby, she was entitled to one-half of his estate. Depositions, hearings, continuances, etc went on for three years, the only proof of the marriage being dubious witnesses and a note penned in the man's handwriting which read: "At last we are together Sweetie Pie". At long last, the matter settled; Sweetie Pie walked with a $50.000 pay off; the estate, however, incurred $250,000+ in legal fees and court costs, and with taxes owing, was reduced to a fraction of its original worth.